1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The convertible bond market showed an incremental increase today, with valuations rising month - on - month. The small - cap growth style was relatively dominant, and the trading sentiment in the convertible bond market heated up [1]. 3. Summary by Related Catalogs Market Overview - Index performance: The CSI Convertible Bond Index rose 0.33% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and SSE 50 Index declined, and the CSI 1000 Index rose 0.45% [1]. - Market style: Small - cap growth was relatively dominant. The large - cap growth, large - cap value, mid - cap value, and small - cap value declined, while the mid - cap growth remained unchanged, and the small - cap growth rose 0.24% [1]. - Fund performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 62.903 billion yuan, a month - on - month increase of 30.42%. The total trading volume of the Wind All - A was 1.041735 trillion yuan, a month - on - month decrease of 3.25%. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 2.352 billion yuan, and the yield of the 10 - year treasury bond decreased by 2.42bp to 1.62% [1]. Convertible Bond Price - The central price of convertible bonds increased, and the proportion of high - price bonds rose. The weighted average closing price of convertible bonds was 117.08 yuan, a 0.33% increase from yesterday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all increased [2]. - From the distribution of convertible bond closing prices, the proportion of high - price bonds above 130 yuan was 19.37%, a 3.58pct increase from yesterday. The proportion of bonds in the 120 - 130 (including 130) range decreased by 1.47pct. There were 12 bonds with a closing price below 100 yuan. The median price was 119.00 yuan, a 0.79% increase from yesterday [2]. Convertible Bond Valuation - Valuations rose. The conversion premium rate of the 100 - yuan parity fitting was 23.04%, a 0.32pct increase from yesterday. The overall weighted parity was 85.96 yuan, a 0.44% increase from yesterday [2]. - The premium rates of equity - biased, debt - biased, and balanced convertible bonds showed different changes, with the equity - biased decreasing by 0.13pct, the debt - biased increasing by 0.33pct, and the balanced increasing by 0.10pct [2]. Industry Performance - In the A - share market, 19 industries rose. The top three rising industries were beauty care (+2.60%), machinery and equipment (+1.44%), and media (+1.27%), while the top three falling industries were public utilities (-1.78%), petroleum and petrochemicals (-0.55%), and coal (-0.51%) [3]. - In the convertible bond market, 25 industries rose. The top three rising industries were building materials (+2.97%), environmental protection (+2.20%), and household appliances (+1.83%), while the top three falling industries were coal (-0.39%), transportation (-0.09%), and public utilities (-0.07%) [3]. - For different sectors: - Closing price: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors rose by 0.91%, 0.71%, 0.90%, 1.49%, and 0.23% respectively [3]. - Conversion premium rate: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors decreased by 0.47pct, 0.78pct, 1.0pct, 0.92pct, and 0.56pct respectively [3]. - Conversion value: The large - cycle, manufacturing, technology, and large - finance sectors rose by 0.91%, 1.26%, 1.36%, and 0.28% respectively, while the large - consumption sector decreased by 2.12% [3]. - Pure bond premium rate: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors increased by 1.2pct, 0.86pct, 1.2pct, 2.9pct, and 0.24pct respectively [4]. Industry Rotation - The beauty care, machinery and equipment, and media led the rise. The report also provided the daily, weekly, monthly, and year - to - date changes in stock prices, convertible bond prices, and valuation quantiles of multiple industries [52].

Investment Rating - The report maintains a "Recommendation" rating for CITIC Bank, with a target price of 8.23 CNY / 6.78 HKD [2][6]. Core Views - CITIC Bank's core revenue growth remains stable, with a balanced development strategy. The bank reported a revenue of 51.77 billion CNY in Q1 2025, a year-on-year decrease of 3.72%. However, operating profit increased by 4.22% to 22.805 billion CNY, and net profit attributable to shareholders rose by 1.66% to 19.509 billion CNY. The non-performing loan ratio remained stable at 1.16%, while the provision coverage ratio decreased by 2.3 percentage points to 207.1% [2][6]. Financial Performance Summary - **Revenue and Profitability**: In Q1 2025, CITIC Bank's core revenue showed a decline of 3.72% year-on-year, with net interest income and net fee income still achieving positive growth of 2.1% and 0.7%, respectively. The net profit growth of 1.66% indicates effective cost management, with business and management expenses down by 3.3% [6][7]. - **Loan and Deposit Growth**: The bank's interest-earning assets and loans grew by 8.2% and 5.1% year-on-year, respectively. The growth in corporate loans was particularly strong, with general corporate loans increasing by 10.6% [6][7]. - **Asset Quality**: The non-performing loan ratio remained stable at 1.16%, with improvements noted in corporate loans. However, retail loan quality faced some pressure, particularly in credit card loans [6][10]. - **Future Projections**: The report adjusts the revenue growth forecasts for 2025-2027 to 0.6%, 4.1%, and 5.7%, respectively, and net profit growth to 1.5%, 3.0%, and 5.0%. The target price reflects a price-to-book ratio of 0.62X for 2025E [6][7][8].

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,362 | 10,702 | | 11,058 | 11,519 | | 同比增速(%) | -11.1% | 3.3% | | 3.3% | 4.2% | | 归母净利润(百万) | 1,459 | 1,579 | | 1,706 | 1,843 | | 同比增速(%) | 22.9% | 8.2% | | 8.0% | 8.0% | | 每股盈利(元) | 0.48 | 0.52 | | 0.56 | 0.60 | | 市盈率(倍) | 12 | 11 | | 10 | 9 | | 市净率(倍) | 0.9 | 0.9 | | 0.9 | 0.8 | | 资料来源：公司公告， | 华创证券预测 | 注：股价为 2025 | 年 4 月 29 | 日收盘价 | | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 公司研究 证 券 研 究 报 告 四川成渝 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 11.4 yuan, based on a projected 12 times PE for 2025 [4][8]. Core Views - The company is expected to benefit from the "Good House" era, with profitability gradually recovering. In 2024, the company is projected to achieve total revenue of 69.152 billion yuan, a year-on-year decrease of 1.83%, and a net profit attributable to the parent company of 2.546 billion yuan, a year-on-year increase of 0.66% [2][4][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024: Revenue of 69.152 billion yuan, net profit of 2.546 billion yuan - 2025: Revenue of 72.550 billion yuan, net profit of 2.987 billion yuan - 2026: Revenue of 70.279 billion yuan, net profit of 3.281 billion yuan - 2027: Revenue of 62.982 billion yuan, net profit of 3.331 billion yuan [2][9]. - **Growth Rates**: - Revenue growth rates: -1.8% (2024), 4.9% (2025), -3.1% (2026), -10.4% (2027) - Net profit growth rates: 0.7% (2024), 17.3% (2025), 9.9% (2026), 1.5% (2027) [2][9]. - **Earnings Per Share (EPS)**: - 2024: 0.82 yuan - 2025: 0.96 yuan - 2026: 1.05 yuan - 2027: 1.07 yuan [2][9]. - **Valuation Ratios**: - PE ratio: 12 (2024), 10 (2025), 10 (2026), 9 (2027) - PB ratio: 1.1 (2024), 1.1 (2025), 1.0 (2026), 0.9 (2027) [2][9]. Market Position and Strategy - The company has a strong market presence in Hangzhou, with 69% of its sales coming from this region. It has been the sales champion in Hangzhou for seven consecutive years, indicating significant scale advantages [8][9]. - In 2024, the company plans to focus its investments primarily in Hangzhou, with an investment intensity of approximately 40%. The company has acquired 23 new land reserve projects, with only one located outside Hangzhou [8][9]. - The company aims to achieve a sales target of around 100 billion yuan in 2024, despite a projected 27% decline in sales amount [8][9]. - The report highlights the company's strong cost control capabilities and operational efficiency, which are expected to support a gradual recovery in gross margins as older projects are completed [8][9].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 2600 CNY [1][8] Core Insights - The company reported a strong start to 2025, with Q1 total revenue reaching 51.44 billion CNY, a year-on-year increase of 10.7%, and net profit attributable to shareholders at 26.85 billion CNY, up 11.6% [1][8] - Sales collections increased by 21.4% to 56.14 billion CNY, while operating cash flow decreased by 4.1% to 8.81 billion CNY [1][8] - The report highlights the company's robust performance in the first quarter, showcasing its resilience as a market leader, with significant contributions from both direct sales and series liquor products [1][8] Financial Performance Summary - For 2024A, total revenue is projected at 174.14 billion CNY, with a growth rate of 15.7%, and net profit at 86.23 billion CNY, reflecting a growth rate of 15.4% [4][8] - The earnings per share (EPS) for 2025E is estimated at 75.37 CNY, with a price-to-earnings (P/E) ratio of 21 [4][8] - The company maintains a low debt-to-equity ratio of 0.2%, indicating strong financial health [4][8] Market Position and Strategy - The company is actively transforming its strategy to adapt to market conditions, enhancing shareholder returns through increased buyback programs and dividends [1][8] - The report emphasizes the company's ability to manage supply and demand effectively, ensuring price stability for its flagship products [1][8] - The international revenue growth of 37.5% indicates successful expansion of its global footprint [1][8]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 56.5 CNY [2][8]. Core Insights - The company achieved a net profit of 5.9 billion CNY in Q1 2025, representing a year-on-year increase of 19%. The New Business Value (NBV) grew by 67.9% year-on-year, indicating strong new policy growth [2][8]. - The annualized total and comprehensive investment returns were 5.7% and 2.8%, respectively, with a year-on-year change of +1.1 percentage points and -3.9 percentage points [2][8]. - As of the end of Q1 2025, the company's net assets reached 79.8 billion CNY, a decrease of 17% compared to the end of the previous year [2][8]. Financial Performance Summary - Total revenue for 2024 is projected at 132,555 million CNY, with a year-on-year growth rate of 85.3%. However, a decline of 12.4% is expected in 2025 [4]. - The net profit for 2024 is estimated at 26,229 million CNY, with a significant year-on-year growth of 201.1%, but a decline of 24.0% is anticipated for 2025 [4]. - Earnings per share (EPS) are forecasted to be 8.4 CNY in 2024, decreasing to 6.4 CNY in 2025, and gradually increasing to 7.6 CNY by 2027 [4]. Business Development Insights - The company experienced a strong growth in new business, with long-term insurance first-year premiums increasing by 150% year-on-year to 27.2 billion CNY in Q1 2025. The overall premium income from individual insurance channels rose by 12% to 44.6 billion CNY [2][8]. - The individual insurance channel's new business value rate has declined, which may be influenced by the structure of payment periods and product pricing strategies [2][8]. - The company’s investment assets totaled 1.69 trillion CNY as of Q1 2025, reflecting a year-on-year increase of 3.6% [2][8]. Investment Strategy - The report suggests that the company’s performance is driven by both underwriting and investment activities, projecting double-digit growth in earnings. The EPS estimates for 2025-2027 are maintained at 6.4 CNY, 6.9 CNY, and 7.6 CNY, respectively [2][8].

Investment Rating - The report maintains a "Recommendation" rating for Tianwei Foods, with a target price of 16 yuan [2][8]. Core Views - The company reported a total operating revenue of 642 million yuan in Q1 2025, a year-on-year decrease of 24.8%. The net profit attributable to the parent company was 75 million yuan, down 57.53% year-on-year [2][8]. - Short-term operational pressure is expected to improve throughout the year, with a potential return to growth in Q2 2025 as inventory levels decrease and seasonal products become available [8][9]. - The company aims for single-digit revenue growth for the full year 2025, driven by new product launches and potential acquisitions, despite a competitive industry landscape [8][9]. Financial Summary - For 2024A, total operating revenue is projected at 3,476 million yuan, with a growth rate of 10.4%. The net profit attributable to the parent company is expected to be 625 million yuan, reflecting a growth rate of 36.8% [4][8]. - The earnings per share (EPS) forecast for 2025E is 0.59 yuan, with a price-to-earnings (P/E) ratio of 20 times [4][8]. - The company has a total market capitalization of 12.375 billion yuan and a debt-to-asset ratio of 14.92% [5][8].

Investment Rating - The report maintains a "Strong Buy" rating for Shanxi Fenjiu (600809) with a target price of 285 CNY, while the current price is 202.99 CNY [3][7]. Core Views - The company reported a revenue of 36.01 billion CNY for 2024, representing a year-on-year increase of 12.8%, and a net profit attributable to shareholders of 12.24 billion CNY, up 17.3% year-on-year. The Q4 revenue was 4.65 billion CNY, down 10.2%, and the net profit was 0.89 billion CNY, down 11.3%. For Q1 2025, revenue reached 16.52 billion CNY, a 7.7% increase, with a net profit of 6.65 billion CNY, up 6.2% [1][3][7]. Financial Summary - **2024 Financial Performance**: Total revenue was 36,011 million CNY with a net profit of 12,243 million CNY. The gross margin improved to 76.2% and the net margin was 34.0% [3][8]. - **2025 Financial Projections**: Expected revenue growth of 8.7% to 39,146 million CNY and net profit growth of 7.6% to 13,169 million CNY. EPS is projected to be 10.79 CNY [3][11]. - **Key Financial Ratios**: The P/E ratio is projected to decrease from 20 in 2024 to 15 in 2027, while the P/B ratio is expected to decline from 7.1 to 4.3 over the same period [3][11]. Operational Insights - The company is focusing on maintaining a healthy channel inventory and stable pricing, with a significant increase in the dividend payout ratio from 51% to 60%, enhancing its attractiveness to long-term investors [7][8]. - The growth strategy includes strengthening brand collaboration and expanding the market presence of secondary brands like Zhuyeqing and Xinghuacun, while Fenjiu remains the primary growth driver [7][8]. Market Position - The company has shown resilience in its operational performance, with balanced revenue growth from both domestic and international markets, and a stable cash flow situation with contract liabilities at 5.82 billion CNY [1][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 67 CNY [1][9]. Core Views - The company reported a steady start to 2025, with Q1 revenue of 4.36 billion CNY, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 470 million CNY, up 4.6% year-on-year [1][9]. - The company is expected to continue its stable performance, supported by a healthy inventory and practical operational strategies, with a projected dividend yield of approximately 4.6% based on a 100% payout ratio [9]. Financial Performance Summary - In Q1 2025, the company achieved a sales volume of 884,000 kiloliters, a year-on-year increase of 1.93%, with an average price per ton of 4,930 CNY, down 0.46% year-on-year [9]. - The gross profit margin improved to 48.4%, an increase of 0.5 percentage points year-on-year, driven by cost advantages and scale effects [9]. - The company’s operating profit margin for Q1 2025 was 26.3%, with a net profit margin of 21.6% [10]. Future Projections - The company forecasts total revenue of 14.83 billion CNY for 2025, with a year-on-year growth rate of 1.3% [4]. - The net profit attributable to shareholders is projected to reach 1.27 billion CNY in 2025, reflecting a growth rate of 13.9% [4]. - Earnings per share (EPS) are expected to increase from 2.30 CNY in 2024 to 2.62 CNY in 2025 [4]. Market Strategy - The company plans to deepen its core market presence while optimizing its product mix and increasing market share, particularly in non-traditional channels [9]. - New product launches, such as the Chongqing Craft Beer, are aimed at enhancing brand influence and market penetration [9].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Insights - The company reported Q1 2025 earnings of 550 million, a year-on-year decrease of 7.4%, while revenue increased by 5.0% to 5.49 billion [1]. - The company is optimizing its air network layout, which is expected to enhance operational efficiency in the long term [8]. Financial Data Summary - **Q1 2025 Financials**: - Total revenue: 5.49 billion, up 5.0% year-on-year - Net profit attributable to shareholders: 550 million, down 7.4% year-on-year - Non-recurring net profit: 500 million, down 5.2% year-on-year [1] - **Segment Performance**: - **Air Express Business**: Revenue of 2.06 billion, up 2.9%, with a gross margin of 17.3%, up 1.8 percentage points - **Ground Integrated Services**: Revenue of 620 million, up 4.7%, with a gross margin of 34.8%, down 4.7 percentage points - **Integrated Logistics Solutions**: Revenue of 2.8 billion, up 6.7%, with a gross margin of 13.8%, up 3.1 percentage points [2] - **Cost Analysis**: - Operating costs for Q1 2025 were 4.53 billion, up 3.0%, resulting in a gross profit of 960 million and a gross margin of 17.5%, up 1.6 percentage points - The period expense ratio, excluding R&D expenses, was 3.1%, down 0.8 percentage points, indicating improved operational efficiency [2] - **Pricing Performance**: - The outbound air freight price index at Pudong Airport was 4333, up 10% year-on-year [2] Financial Forecast - **Revenue Projections**: - 2024A: 24.056 billion - 2025E: 22.349 billion (down 7.1% year-on-year) - 2026E: 23.998 billion (up 7.4% year-on-year) - 2027E: 25.271 billion (up 5.3% year-on-year) [4] - **Net Profit Projections**: - 2024A: 2.688 billion - 2025E: 2.295 billion (down 14.6% year-on-year) - 2026E: 2.713 billion (up 18.3% year-on-year) - 2027E: 2.888 billion (up 6.5% year-on-year) [4] - **Earnings Per Share (EPS)**: - 2024A: 1.69 - 2025E: 1.45 - 2026E: 1.71 - 2027E: 1.82 [4] - **Target Price**: The target price is set at 14.5 yuan, with a current price of 12.15 yuan, indicating a potential upside of 19% [8].